Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Augmented Reality in Mining - Thematic Intelligence" report has been added to ResearchAndMarkets.com's offering.
Digitalization is helping industries navigate a difficult macroeconomic landscape and geopolitical conflicts that are disrupting supply chains. In the mining sector, the use of AR technologies is increasing in popularity, especially among digitalized mines. AR comes into play by improving mining productivity and safety. Indeed, it can reduce the cost of maintenance, perform remote monitoring and maintenance, help with remote exploration, create interactive training, and protect on-site workers from risks associated with mining activity.
The Augmented Reality (AR) market will be worth $100 billion by 2030
Augmented reality (AR) describes a technology that allows users to see the real world overlaid with data. Worth nearly $22 billion in 2022, the technology is still nascent. But the analyst forecasts a surge in popularity in the coming years with the global AR market reaching $100 billion by 2030, growing at a compound annual growth rate (CAGR) of 21% over the period. AR brings benefits throughout the mining value chain. AR is helping the mining sector to digitalize, thereby increasing productivity, and ensuring the health and safety of on-site workers.
AR is an essential investment for digitalized mines
Digitalization is helping industries navigate a difficult macroeconomic landscape and geopolitical conflicts that are disrupting supply chains. In the mining sector, the use of AR technologies is increasing in popularity. AR digitalizes mines by overlaying geology, geophysics, and imagery onto a 3D representation of mining sites, allowing for a comprehensive view. This technology also provides realistic visualizations of mining operations, processes, equipment, and products, enhancing understanding and efficiency.
For example, AR enables remote assistance for maintenance and repair, using smart glasses or headsets with zoom capabilities for inspections, and guiding technicians step-by-step through the process. Also, the visual guide of the process enhances accuracy and efficiency, such as during drilling, to prevent damage and loss of resources. AR technologies are used to create digital twins of mines, allowing engineers and managers to test equipment and processes before implementation, and refine new designs like mine extensions. This approach helps optimize the mining workflow, identifying potential issues, reducing costs, and minimizing the risk of project delays.
AR plays a role in the safety and training of mining workers
There were 42 mining fatalities in the US in FY2023, a 31% increase from the previous year, most often in machinery accidents, according to the US Department of Labor. Ensuring the safety of the mining workforce is a primary concern. AR helps make mining safer and improves workforce training. Remote monitoring of on-site risks and AR visuals that identify potential hazards can directly reduce injuries and fatalities. AR provides immersive training for new hires and facilitates advanced knowledge acquisition. Therefore, it improves workforce quality, collaboration, and productivity, while reducing costs.
Key Highlights
- Worth nearly $22 billion in 2022, the technology is still nascent. But the analyst forecasts a surge in popularity in the coming years with the global AR market reaching $100 billion by 2030, growing at a compound annual growth rate (CAGR) of 21% over the period.
- In the mining sector, the use of AR technologies is increasing in popularity.
- AR is helping the mining sector to digitalize, thereby increasing productivity, and ensuring the health and safety of on-site workers.
Report Scope
- This report provides an overview of the Augmented Reality theme. The detailed value chain comprises four layers: semiconductors, components, devices, platforms, apps, and content. Leading and challenging vendors are identified across both segments.
- It identifies mining challenges, such as ESG, safety, productivity, and resource development, and an impact assessment of augmented reality on the mining industry, addressing these challenges.
- Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme's growth and what they are doing to grow with this theme.
Key Topics Covered:
- Executive Summary
- Players
- Mining Challenges
- The Impact of Augmented Reality on Mining
- Case Studies
- Augmented Reality Timeline
- Market Size and Growth Forecasts
- Signals
- Augmented Reality Value Chain
- Companies
- Sector Scorecard
Company Coverage:
- Anglo American
- BHP
- Boliden
- Glencore
- Rio Tinto
- Clirio
- Dassault Systemes
- Fuzzy Logic Studio
- Hexagon
- Micromine
- Nsflow
- PTC
- Vsight
For more information about this report visit https://www.researchandmarkets.com/r/gmp9aw
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